GAC approves Amana Insurance, Saudi Enaya merger agreement

Logos of Amana Insurance and Saudi Enaya 

Amana Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co. received, on July 14, the General Authority for Competition’s (GAC) non-objection to complete their planned merger, the insurers said in separate bourse filings. 

The merger is still subject to approvals from the Saudi Central Bank (SAMA), Capital Market Authority (CMA), and Saudi Exchange (Tadawul).

In addition, it also requires approvals from shareholders of both Amana Insurance and Saudi Enaya, the statements noted.

Any material developments with respect to the progress of the merger agreement will be announced in due course.

In April, Amana Insurance signed a binding merger agreement with Saudi Enaya, under which Saudi Enaya will be merged into Amana, Argaam earlier reported.

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